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LJUBLJANA (Slovenia), December 5 (SeeNews) – Slovenia's biggest insurer, Zavarovalnica Triglav [LJE:ZVTG], has become a direct owner of a 3.155% stake in local business conglomerate Sava following the completion of a compulsory settlement, Sava said.
Under compulsory settlement proceedings against Sava and in accordance with the administrator’s report on the subscription and payment of new shares, Triglav has acquired a total of 684,046 new shares of Sava, the conglomerate said in a Ljubljana bourse filing on Friday.
Indirectly, via a shareholder of local pension insurer Skupna pokojninska druzba, it also acquired 857,186 new shares with business funds, representing 3.954% of the share capital of Sava.
Prior to the subscription and payment of the new shares, Zavarovalnica Triglav was not shareholder in Sava.
In June last year, two applications were lodged before the District Court in Ljubljana for initiating compulsory settlement proceedings against Sava d.d. One was filed by Gorenjska banka, Zavarovalnica Triglav, Unicredit banka Slovenija, Pokojninska druzba A, Skupna pokojninska druzba and Skupna d.d, and the other by Slovenia's 'bad bank', the Bank Asset Management Company (BAMC).
Sava Group comprises nine companies - parent company Sava d.d. and eight subsidiaries. Its two core operations are tourism and finance.